UBS reported a pre-tax profit of almost $3.6 billion in the third quarter, up 27% year on year, largely in line with consensus forecasts.

The Swiss banking and asset management giant saw strong net inflows into its global wealth management business.

Net profits were $2.7 billion for the third quarter, in line with estimates.

The Zurich-headquartered lender's common equity tier (CET) 1 capital ratio — a measure of a bank's solvency — reached 14.7% during the period, up from 14.4% the previous quarter.

Strong inflows into its global wealth management business supported performance, with net new assets reaching $55.1 billion by the end of the quarter. UBS recorded $12.5 billion in client commitments across its wealth management and asset management businesses.

This is breaking news. Please refresh for updates.